Dr. Dre is coming for Jay-Z’s spot on Forbes’ Cash Kings list. In a newly announced deal, the hip-hop mogul has sold a majority stake in Beats Electronics to HTC for $309 million.

The Taiwan-based smartphone maker will acquire 51 percent of the company, which Dre co-founded with Interscope Geffen A&M Records CEO Jimmy Iovine in 2006. Beats, known for its popular Beats by Dr. Dre headphones, sells celebrity-endorsed lines by Lady Gaga, Diddy, and Justin Bieber.

“The HTC and Beats by Dr. Dre partnership is an opportunity for two world-class companies to redefine the smartphone industry and define the future,” stated Iovine. “For Beats by Dr. Dre, this represents a critical step in our continued mission to clean up the destruction of audio caused by the digital revolution and reengineer how sound is delivered, so the consumer feels the music the way that the artist intended.”

As part of the strategic partnership and investment, HTC plans to incorporate Beats technology into their phones by the end of the year. Dr. Dre and Iovine will continue to operate Beats autonomously.